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SUMMARY:Retail Trading in Options and the Rise of the Big Three Wholesaler
 s
DTSTART:20221202T103000
DTEND:20221202T123000
DTSTAMP:20260916T203805Z
UID:f2813f7790eff7e689694121c8153758d04009444fb73091d143b53e
CATEGORIES:Conferences - Seminars
DESCRIPTION:Svetlana Bryzgalova - London Business School\nWe document rapi
 d increases in (i) retail trading in options and (ii) payment for order fl
 ow (PFOF)\, received by the U.S. retail brokerages from the so-called whol
 esalers in exchange for routing orders to them. Nearly 90% of PFOF comes f
 rom three wholesalers. Exploiting new flags in transaction-level data\, we
  isolate wholesaler trades and build a novel measure of retail options tra
 ding. Our measure comoves with equity-based retail activity proxies and dr
 ops significantly during U.S. brokerage platform outages and trading restr
 ictions. Retail investors prefer cheaper\, weekly options\, with the avera
 ge bid-ask spread of a whopping 12.6%\, and lose money on average.\n\n 
LOCATION:Zoom
STATUS:CONFIRMED
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